SKF signs Virtual Power Purchase Agreement (VPPA) to support renewable energy in Europe
Gothenburg, 22 June 2023: SKF has signed a Virtual Power Purchase Agreement (VPPA) in the next step towards its target of 100% renewable electricity by 2030. Under the long-term agreement with the global energy company Enel, SKF will purchase guarantees of origin for a period of 15 years, equivalent to the electricity used by one third of its European operation in 2022, from Enel’s upcoming solar project in Spain. The solar plant is expected to add more than 260 GWh/year of renewable electricity and be connected to the power grid by August 2024. By signing the VPPA, SKF is able to